What Happens if an Indiegogo Project Fails?

In the dynamic world of tech and innovation, Indiegogo has become a beacon for creators looking to bring their groundbreaking ideas to life. With its global reach and passion for the ‘next big thing,’ the platform offers an entryway to a landscape where the only limit is visionary ambition. Yet, within this excitement, a looming question for many remains unanswered: what happens if an Indiegogo project fails?

This post navigates the precarious yet enlightening path of ventures that didn’t quite achieve liftoff, serving as a resource for those who are contemplating, currently managing a campaign, or have faced the bittersweet sting of an unsuccessful funding endeavor.

Exploring the Journey Through Indiegogo

For the uninitiated, the road to an Indiegogo campaign is paved with possibility. It often begins with a burning idea—that one innovation you believe could change the way we live, work, or play. You crunch the numbers, meet with manufacturers, and stir your vision into a compelling product narrative. Then comes the launch, a ritual of crossing fingers and sharing your labor of love with the world.

Launching an Indiegogo campaign, however, is more than merely setting up a page and hitting ‘go.’ It’s a strategic dance with timelines, stretch goals, and most importantly, backer engagement. Entrepreneurs must craft an alluring story that resonates with the platform’s savvy audience, often through engaging videos, captivating images, and airtight marketing.

Throughout the campaign, creators must be agile. This means adjusting goals, managing expectations, and, at times, recalibrating the entire push based on real-time feedback. It’s a delicate balance, as impromptu decisions can sometimes veer the project off-course, just as they can save it from obscurity.

The Reality of Failing on Indiegogo

Running an Indiegogo campaign with hopes high and support steadily climbing only to plummet short of the funding target can be devastating. Failure, in crowdfunding as in any entrepreneurial avenue, is a highly probable outcome. But what does it actually mean for a project to fail on Indiegogo?

An unsuccessful Indiegogo campaign typically denotes one that did not reach its monetary goal within the set timeframe. This implies that the project will not receive any of the funds pledged by backers (irrespective of whether the goal was exceeded or not).

The reasons behind failures are manifold. Sometimes, it’s an issue of exposure; potential backers simply didn’t discover the campaign. Others falter due to campaign design flaws, unrealistic funding needs, or unanticipated market demand shifts that render the product or idea less compelling.

Failing on Indiegogo can feel like a solitary battle lost in a crowded war of innovation. However, acknowledging the numerous variables that contribute to a campaign’s outcome opens the door to learning opportunities that would otherwise remain closed.

Post-Failure: Options and Next Steps

So your Indiegogo campaign didn’t quite reach its funding goal. It happens to even the best ideas, but it doesn’t have to spell the end of your product’s journey. Here’s a roadmap to navigate the post-campaign phase and strategize your next steps:

1. Take a Deep Breath and Analyze:

• Don’t Panic: It’s natural to feel disappointed, but take some time to process and analyze the results.
• Data Dive: Look closely at your campaign data. See where traffic came from, what resonated with your audience, and what areas fell short. Indiegogo provides campaign analytics to help you understand backer demographics, contribution patterns, and more.
• Gather Feedback: Reach out to backers who pledged, even if it was a small amount. Ask for honest feedback on your campaign, product idea, and pricing. Consider surveys or polls to gather broader insights.

2. Options and Next Steps:

• Reassess Your Goal: Was your funding goal realistic? Consider if adjustments are needed based on your audience feedback and market research.
• Relaunch or Revamp:
  • Relaunch: If the core concept is strong, consider relaunching with a revised campaign strategy based on your learnings.
  • Revamp: Maybe your product needs some tweaks. Use feedback to refine your design, features, or pricing before relaunching.
• Explore Alternative Funding:
  • Pre-orders: Gauge continued interest through pre-orders on your own website.
  • Angel Investors: If your product has strong potential, consider seeking angel investors who can provide funding and mentorship.
  • Grants: Research grants relevant to your product’s category or its potential social impact.
• Refocus Efforts:
  • Build Community: Even without immediate funding, build a community around your product idea. Engage with potential customers on social media and online forums.
  • Seek Partnerships: Explore potential partnerships with established companies who could benefit from your product.

Lessons Learned and Moving Forward

For those who’ve weathered the agony of failure, the light at the end of the crowdfunding tunnel isn’t always a train. We’ve witnessed numerous tales of campaigns that initially stumbled only to rise stronger, smarter, and more resilient.

One example of a product that fell short on Indiegogo is the “Crumple” – a portable, wrinkle-free laundry bag. Launched in 2016, the Crumple aimed to revolutionize travel by allowing users to pack clothes without worrying about wrinkles. Despite a well-designed campaign and media coverage, the Crumple only raised around 20% of its $50,000 goal.

Lessons Learned:

• Market Saturation: The Crumple faced competition from existing wrinkle-resistant clothing and packing cubes. They might not have adequately addressed this in their campaign.
• Price Point Perception: The Crumple’s price tag might have been perceived as high for its target audience, especially considering existing alternatives.
• Focus on Benefits: While the Crumple highlighted the “wrinkle-free” aspect, it might not have emphasized the broader benefits of convenience and space-saving for travelers.

How They Moved Forward:

• Rethink and Relaunch: The Crumple creators didn’t give up. They took the feedback on board and relaunched with a more affordable version and a stronger focus on the “packing efficiency” benefit. This time, they utilized platforms like Kickstarter alongside Indiegogo, potentially reaching a wider audience.
• Direct Sales: They also explored direct sales through their own website, allowing them to control pricing and potentially offer more competitive rates.
• Social Media Marketing: Building a social media presence around travel hacks and packing tips could have helped establish brand recognition and attract a loyal customer base.

Moving forward with indomitable spirit is not just an aspirational gambit; it’s an essential part of the entrepreneurial ethos. Agile responses, smart risk management, and robust post-campaign strategies can insulate creators from the harsh bite of failure, providing a safety net that encourages bold creativity and out-of-the-box thinking.

Conclusion

To all potential and current campaigners, remember that a failed campaign is not the end of your journey but a pivotal learning experience on your path to success. Embrace failures as stepping stones and opportunities for innovation and growth.

Platforms like Indiegogo are not just for fundraising; they’re launchpads for exploration, innovation, and resilience. Keep pushing forward, innovating, and creating. In this journey towards breakthroughs, we are all supporters and creators, united in our vision for progress.